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| In today's Daily Pitch, you'll find: | | | | | |
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| LPs warm back up to crypto as bitcoin rallies | |  | | (Roslan Rahman/Getty Images) | | | After a long winter for cryptocurrency, GPs are returning to the LP fundraising market, newly buoyed by a bitcoin rally and the SEC's approval of bitcoin exchange-traded funds.
Two of the most well-capitalized crypto-focused firms, Pantera Capital and Paradigm, are reportedly in talks to raise new vehicles of $1.25 billion and roughly $750 million, respectively. Pantera's prospective Fund V would invest in early-stage and liquid tokens as well as startup equity, Bloomberg reported.
And the two firms are not alone. | | | | | | | | | A rebuilding year for global M&A | | Global M&A dealmaking is slowly on the mend after two consecutive years of declines. A stronger recovery is being held back by sluggish PE dealmaking, according to our Global M&A Report, sponsored by Liberty GTS.
Deal multiples have remained stable—a sign that the valuation reset may be complete—and might have room to move higher to catch up with elevated prices of public companies. | | | | | | | |
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| Solving talent shortages by tapping into the global workforce | | Today's talent shortages began with the pandemic, when supply-chain issues necessitated the need for increased automation, demanding a specific set of skills from employees. To meet this need, companies are looking beyond borders and boundaries to hire the best talent. While embracing global hiring eliminates bureaucratic hurdles and boosts certain industries like finance and tech, compliance is crucial when tapping into global talent pools.
G-P's guide, Talent Access: Tapping Into Dynamic Global Talent Pools, reviews the top emerging talent hubs around the globe, best practices for ensuring compliance, and how to get your global hiring plan started. | | | | | | | |
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| Calstrs boosts fixed income target, drops public equities by equal measure | |  | Christopher Ailman, Calstrs chief investment officer
(Patrick T. Fallon/Getty Images) | | | Amid a farewell address to longtime chief investment officer Christopher Ailman, the California State Teachers' Retirement System voted yesterday to raise its allocation target for fixed income and decrease that of public equities.
Investment committee members voted to increase the $336.2 billion pension fund's target fixed income allocation from 12% to 13%. The move is meant to support the plan's investments in direct lending, an area that has seen significant returns for investors due to elevated interest rates. | | | | | | | | | April wrap-up: One month in global markets | | Our latest Global Markets Snapshot breaks down a month of trends in the equity, debt and commodities markets, tracking returns across a range of indexes and sectors. It also features private market activity, including major deals, fundraising, IPO performance, lending volume and unicorn creation.
In this monthly digest, we provide the datasets that the PitchBook Institutional Research Group is keeping an eye on. | | | | | | | | | How the Middle East's AI ambitions are spurring VC investment | |  | | (Buena Vista Images/Getty Images) | | | | As the global race for AI dominance intensifies, Middle Eastern nations are putting more capital into developing the technology—and startups are reaping the rewards. | | | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 280 Deals | 771 People | 317 Companies | 23 Funds | | | | | | |
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The Daily Benchmark:
2021 Vintage Global VC Funds | | | | | | |
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New Jersey-based CoreWeave, an AI cloud computing startup, raised a $1.1 billion Series C led by Coatue.
BlackRock led a $47 million investment in San Francisco's Securitize, which offers a security platform for digital asset trading.
Oasis Security, an Israel-based identity verification startup, raised a $35 million Series A extension co-led by Accel, Cyberstarts and Sequoia.
Arris, which manufactures composite materials, raised $34 million from Bosch Ventures, Modern Venture Partners, Standard Industries and others.
Traceable AI, a San Francisco-based cybersecurity startup, raised $30 million from investors including Citi Ventures, IVP and Sorenson Capital.
Peregrine, a data startup in San Francisco specializing in state and local government agencies, raised a $30 million Series B led by Friends & Family Capital and Fifth Down Capital.
Danish challenger bank Lunar raised €24.1 million from existing investors.
Vitestro, a Dutch developer of autonomous blood drawing tech, secured $22 million in a round led by Sonder Capital and NYBC Ventures. | | | | | |
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Spanish beauty and fragrance group Puig has set the price for its Madrid IPO at €24.50 a share, the top of its range. The offering values the company—which owns brands including Rabanne and Penhaligon's—at €13.9 billion, making it the country's biggest IPO in nearly a decade.
Rippl, a dementia-focused care provider, acquired VC-backed Kinto, which offers an AI-powered dementia care platform.
Tamarix Equity Partners and Pacific General Holdings are working with advisory firm North Point to gauge interest in a potential sale of acai bowl chain Playa Bowls at an over $300 million valuation, Reuters reported.
Abu Dhabi-based Emirates Telecommunications is weighing acquiring BC Partners-backed TV operator United Group at an €8 billion valuation, Bloomberg reported. | | | | | |
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| Saudi Arabian sovereign wealth fund PIF is set to commit $5 billion to BlackRock through a new entity, BlackRock Riyadh Investment Management, that would grow the firm's presence in the country, Bloomberg reported. | | | | | |
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